Demand high for West End houses
With the first quarter confirmation of the 2015 sales now in, one thing is very clear with regards to the house sales in West End – there is still high demand and not enough properties available! Because West End has so much going for it with regards to proximity to the CBD, schools and lifestyle, prices are climbing up. 17 sales were recorded in the first quarter, and if the turnover continues with this strength it may be one of the busiest years for house sales in recent times. Over the last couple of years turnover usually equates to 1 sale or less per week. Once again we have seen an increase of the median price for the start of 2015 to $999,000 up from $947,500 in 2014, and the median price for 2013 of $840,000, showing significant growth.
Apartment prices have not had such a dramatic change in the median price over the last couple of years. From $525,000 in 2013, to $552,500 in 2014, the first quarter for 2015 is showing us $549,000, with pricing relatively stable. The growth of apartment lifestyle living is seeing many new developments under construction and nearing completion in West End. The first quarter of 2015 recorded 49 sales, 2014 finished at 214 – which is down from 262 in 2013. However, there will definitely be a re-adjustment once all the properties sold off the plan settle, and no doubt the number of apartment sales will jump quite substantially. West End is a suburb on the move, so watch this space!
If you’d like an update on the market for your property please call our West End specialist Rebecca Herbst on 0431 608422 or e-mail firstname.lastname@example.org
Note: our graphs track the sales stats 3 months in arrears only as it takes this long for fully accurate records to finalise